China's refined fuel exports rebound toward pre-war levels

China’s refined fuel exports rose again in July, reaching about 4.65 million tonnes and marking a 6.7% month‑to‑month increase while remaining 12.9% below the prior year, as Beijing continued easing export restrictions imposed after the Iran war disrupted supplies through the Strait of Hormuz. Diesel shipments surged 88% from June to 810,000 tonnes, one of the sharpest increases, while petrol exports climbed sharply month to month but stayed over 50% lower than a year earlier. Aviation fuel exports also rose, though they were still down year over year. The rebound follows Beijing’s March needed controls to shield domestic supplies, with authorities approving quotas in July and August that could push exports above pre‑war levels, signaling a gradual restoration of overseas shipments. LNG imports edged up 2.4% year on year in July, while overall market dynamics remain closely watched due to China’s role as a major regional supplier and ongoing geopolitical tensions.